Investment in any new or top human capital management (HCM) software requires an understanding of the requirements. Every organization has its size, scale, industry, and future, as well as basic demands. Each HCM solution has a different approach and technicalities. It helps you streamline and automate your human resources.
A human capital management software can manage and execute some functions for the organization. They are:
- Track essential functions like payroll, recruitment, time tracking, and performance.
- Manage features like applicant trackers, learning management systems, or attendance tools.
- Benefits Administration
- Performance Management
- Compensation Management
When deciding on the top human capital management solutions, look for the features that suit the business needs. Here are some for your consideration.
Payroll processing consists of five steps:
- Schedule the payment dates.
- Add employee info.
- Calculate the gross amount.
- Determine deductions.
- Create payslip and distribution.
Although the process is simple when it comes to large organizations the quantity of employees is huge. Ensure that your HCM solution can support the volume and calculate the appropriate amount based on the correct data provided.
Employee Data Storage
The HCM solution should be able to gather, organize and retain the employee data regularly from storage. Your HCM system should be the storage location of all the employee data and related information with enough memory capacity. It also has to ensure the smooth workflows happening from recruitment to resignation and final settlements.
Your human capital management solution should be able to record the time of each employee – work hours, login, log out, work on-site time, etc. It helps track the attendance issues and helps you in managing the labor costs. As most of the corporate pay scale is based on the time worked in hours, the time tracker can get accurate data in real-time allowing the company to save some expenditures.
Talent acquisition is important in any organization. This feature lets the HR associates keep track of the incoming applications, auto-check qualifications, schedule interviews, verify certificates, manage the onboarding process, and the integration into the organization.
Business intelligence on the HCM platform provides insights and analytical capabilities to the system. It aids in tracking the activities of the employees, workforce planning, behavioral analysis, and more. A top HCM software allows HR to gain filtered employee data using customized reporting tools.
What we’ve just discussed are the basic features of the human capital management software that exists in the market. Other features include, but are not limited to:
- Benefits administration
- Position control
- Recruiting tools
When it comes to the selection of the best human capital management software keep in mind the following points.
- Consider what the company wants from the solution.
- Clarify the customer service options and future upgrades.
- Select the HCM solution that suits your industry and field of work.